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Share Based Awards (Tables)
 12 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Stock Option Activity

The following table summarizes the stock option transactions during the years ended March 31, 2021, 2020, and 2019:

 

 

 

 

 

 

 

Weighted-

 

 

Weighted-

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

Average

 

 

Aggregate

 

 

 

 

 

 

 

Exercise

 

 

Remaining

 

 

Intrinsic

 

 

 

Number of

 

 

Price

 

 

Contractual

 

 

Value

 

 

 

Shares

 

 

per Share

 

 

Life (years)

 

 

(in thousands)

 

Outstanding, March 31, 2018

 

 

3,670,170

 

 

$

15.51

 

 

 

6.2

 

 

$

766

 

Granted

 

 

326,130

 

 

 

16.40

 

 

 

6.8

 

 

 

 

 

Exercised

 

 

(375,645

)

 

 

15.49

 

 

 

4.7

 

 

 

1,589

 

Forfeited/Canceled

 

 

(451,730

)

 

 

18.00

 

 

 

4.9

 

 

 

 

 

Expired

 

 

(2,400

)

 

 

28.15

 

 

 

 

 

 

 

 

 

Outstanding, March 31, 2019

 

 

3,166,525

 

 

$

15.36

 

 

 

5.5

 

 

$

7,040

 

Exercised

 

 

(55,325

)

 

 

15.87

 

 

 

4.3

 

 

 

138

 

Forfeited/Canceled

 

 

(75,450

)

 

 

23.38

 

 

 

1.5

 

 

 

 

 

Expired

 

 

(34,400

)

 

 

43.04

 

 

 

 

 

 

 

 

 

Outstanding, March 31, 2020

 

 

3,001,350

 

 

$

14.83

 

 

 

4.7

 

 

$

—

 

Exercised

 

 

(116,916

)

 

 

16.21

 

 

 

3.3

 

 

 

303

 

Forfeited/Canceled

 

 

(47,350

)

 

 

18.58

 

 

 

3.7

 

 

 

 

 

Expired

 

 

(46,000

)

 

 

29.17

 

 

 

 

 

 

 

 

 

Outstanding, March 31, 2021

 

 

2,791,084

 

 

$

14.47

 

 

 

3.7

 

 

$

10,303

 

Vested and expected to vest, March 31, 2021

 

 

2,715,933

 

 

$

14.45

 

 

 

3.7

 

 

$

10,075

 

Exercisable, March 31, 2021

 

 

2,331,745

 

 

$

14.33

 

 

 

3.6

 

 

$

8,910

 

 

 
Summary of Stock Options Granted

There were no stock options granted during the years ended March 31, 2021 and 2020. During the year ended March 31, 2019, we granted total stock options of 326,130, to purchase shares of common stock under the Amended 2015 Plan at an exercise price equal to the market price of our common stock on the date of grant, as summarized below.

 

Option Grant Date

 

Number of

Shares

 

 

Exercise

Price

 

 

Vesting

Terms (1)

 

Expiration

May 30, 2018

 

 

241,130

 

 

$

16.83

 

 

Four Years

 

June 1, 2026

August 3, 2018

 

 

60,000

 

 

$

21.27

 

 

Four Years

 

August 3, 2026

November 2, 2018

 

 

25,000

 

 

$

15.09

 

 

Four Years

 

November 2, 2026

Fiscal year 2019 grants

 

 

326,130

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Unless otherwise indicated, options vest in equal annual installments on each grant anniversary date commencing one year following the date of grant   
Schedule of Assumptions Used in Black-Scholes Model to Estimate Fair Value of Stock Awards

We utilized the Black-Scholes valuation model for estimating the fair value of share-based compensation with the following assumptions:

 

 

 

Year Ended

 

 

 

March 31, 2019

 

Expected term

 

6.1 - 6.3 years

 

Expected volatility

 

34.6% - 36.8%

 

Expected dividends

 

0.0%

 

Risk-free rate

 

2.8% - 3.1%

 
Schedule of Employee Stock Options and Performance Based Awards by Non-vested Stock Options

Non-vested stock option award activity during the years ended March 31, 2021, 2020, and 2019 is summarized as follows:

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Grant-Date

 

 

 

Number of

 

 

Fair Value

 

 

 

Shares

 

 

per Share

 

Outstanding, March 31, 2018

 

 

2,657,005

 

 

$

5.18

 

Granted

 

 

326,130

 

 

 

7.18

 

Vested

 

 

(778,900

)

 

 

5.12

 

Forfeited/Canceled

 

 

(358,380

)

 

 

5.36

 

Outstanding, March 31, 2019

 

 

1,845,855

 

 

$

5.52

 

Vested

 

 

(745,033

)

 

 

5.29

 

Forfeited/Canceled

 

 

(9,150

)

 

 

6.42

 

Outstanding, March 31, 2020

 

 

1,091,672

 

 

$

5.67

 

Vested

 

 

(605,433

)

 

 

5.40

 

Forfeited/Canceled

 

 

(26,900

)

 

 

6.80

 

Outstanding, March 31, 2021

 

 

459,339

 

 

$

5.96

 
Summary of Restricted Stock Awards Activity

Restricted stock awards activity during the years ended March 31, 2021, 2020, and 2019 is summarized as follows:

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Grant-Date

 

 

 

Number of

 

 

Fair Value

 

 

 

Shares

 

 

per Share

 

Outstanding, March 31, 2018

 

 

1,820,910

 

 

$

14.52

 

Granted

 

 

885,845

 

 

 

18.14

 

Vested

 

 

(642,695

)

 

 

14.63

 

Canceled

 

 

(348,102

)

 

 

14.79

 

Outstanding, March 31, 2019

 

 

1,715,958

 

 

$

16.29

 

Granted

 

 

1,529,831

 

 

 

16.93

 

Vested

 

 

(764,290

)

 

 

16.05

 

Canceled

 

 

(168,719

)

 

 

17.06

 

Outstanding, March 31, 2020

 

 

2,312,780

 

 

$

16.74

 

Granted

 

 

1,222,863

 

 

 

12.04

 

Vested

 

 

(1,053,792

)

 

 

16.22

 

Canceled

 

 

(218,282

)

 

 

15.30

 

Outstanding, March 31, 2021

 

 

2,263,569

 

 

$

14.58